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Buying a home is one of the most important steps in life for many people

People often invest their lifetime savings when buying a home or apartment, or even go into debt for life. And as if that weren’t enough, housing prices have been reaching incredible heights lately.

3 minutes of reading

If you want an apartment with a view of the park, a stylish café around the corner, just a short walk from the centre and a few steps to the club cinema, you have to pay even more. That’s why it is more than advisable not to underestimate the purchase of an apartment, and to arrange it comfortably, affordably and through a professional.

From law practice: the developer wanted to pay the purchase price for the apartment before obtaining the building permit

One of our clients wanted to buy a flat. He was in a big hurry to get the purchase contract. He just wanted to check if it contained any mistakes, but otherwise he was burning with eagerness to sign it. The apartment was not yet standing, but it was supposed to be beautiful, with a dreamy view and in a “trendy” area of Prague.

However, we pointed out to him that according to the contract, the price was to be paid right at the beginning, without any tangible guarantee that the apartment would be built at all(the building permit had not yet been issued for the entire project). At first, the client considered this an inconvenience, which we were throwing a stick under his feet and spoiling his joy. But then he realised that the risk resulting from what we had warned him about was quite high.

This story has a happy ending. The developer agreed to most of our client’s demands and relented. After all, the price was very high, so it was worth fighting for the client at least a little. The contract for the purchase of the apartment was concluded and today the apartment is almost finished and transferred to the ownership of our client.

Real Estate Purchase or Sale

We provide a complete package of legal services related to real estate sales and purchases, including reservation contracts and escrow services. We will also help you with all tax and land registry issues. Our work is fast and accurate, ensuring a worry-free transaction. You’re also welcome to pay after services are provided.

We will look after the purchase of the apartment for you. From the comfort of your own home, you can make sure that the contract procedure is in order and your finances are safe.

What must the purchase contract contain?

When you buy a home, you need a written contract. This must contain at least the following information, which we have summarised for you in five simple points:

1.Parties to the contract – Clearly defining the seller and buyer is an absolute must. The seller must of course be the owner of the property registered in the Land Registry. Ideally, he should be identified not only by name and address, but also by his birth number.

2. Property – Most mistakes are made when specifying the property. It must be identified exactly as it is defined in the Land Registry. Otherwise, there is a risk that the Land Registry will reject the entire purchase and not transfer the property to the new owner. It is sufficient, for example, if the contract omits the ownership interest in the building or land.

3.Purchase price – Determining the amount of the purchase price is not the only thing that needs to be made clear. You should also specify exactly how the money will be transferred. And when. Usually escrow is used, in fact we always recommend this to clients. It is not advisable to pay the purchase price in advance (we wrote about this in the story at the beginning of this article). Negotiate the terms and any contractual penalties if something is not realised on time.

4. Taking over the property – The contract also states who will submit the application for registration in the Land Registry and by when, who will pay the fee, when exactly the apartment will be handed over or when the original owner will move out… Here too it is advisable to negotiate sanctions for failure to meet the agreed deadlines.

5. Signatures – In any case, have the signatures verified, just at the post office or Czech Point.

Download the free e-book 5 tips on how to buy or sell a property without risk and go through the process of selling or buying a house, flat and land smoothly.

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Real Estate Purchase or Sale

We provide a complete package of legal services related to real estate sales and purchases, including reservation contracts and escrow services. We will also help you with all tax and land registry issues. Our work is fast and accurate, ensuring a worry-free transaction. You’re also welcome to pay after services are provided.

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Author of the article

JUDr. Ondřej Preuss, Ph.D.

Ondřej is the attorney who came up with the idea of providing legal services online. He's been earning his living through legal services for more than 10 years. He especially likes to help clients who may have given up hope in solving their legal issues at work, for example with real estate transfers or copyright licenses.

Education
  • Law, Ph.D, Pf UK in Prague
  • Law, L’université Nancy-II, Nancy
  • Law, Master’s degree (Mgr.), Pf UK in Prague
  • International Territorial Studies (Bc.), FSV UK in Prague

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